Nantahala Capital discloses 3.61% Savara (SVRA) stake in amended 13G filing

Rhea-AI Filing Summary

Savara Inc. (SVRA) received an amended Schedule 13G from Nantahala Capital Management and its principals, Wilmot B. Harkey and Daniel Mack, reporting their beneficial ownership in the company’s common stock. As of December 31, 2025, they may be deemed to beneficially own 7,344,783 shares, representing 3.61% of Savara’s outstanding common stock.

The filing shows they have no sole voting or dispositive power, but share voting and dispositive power over all reported shares through funds and accounts managed by Nantahala. The securities are stated to be held in the ordinary course of business and not for the purpose of changing or influencing control of Savara.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Savara Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

805111101

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Nantahala Capital Management, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

MASSACHUSETTS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,344,783.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,344,783.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,344,783.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.61 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Wilmot B. Harkey

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,344,783.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,344,783.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,344,783.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.61 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

CUSIP No. 805111101

1

Names of Reporting Persons

Daniel Mack

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,344,783.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,344,783.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,344,783.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

3.61 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Savara Inc.
(b)	Address of issuer's principal executive offices: 1717 Langhorne Newtown Road Suite 300 Langhorne, PENNSYLVANIA, 19047
Item 2.
(a)	Name of person filing: (1) Nantahala Capital Management, LLC ("Nantahala") (2) Wilmot B. Harkey (3) Daniel Mack (together the "Reporting Persons")
(b)	Address or principal business office or, if none, residence: 130 Main St. 2nd Floor, New Canaan, Connecticut 06840
(c)	Citizenship: (1) Nantahala is a Massachusetts limited liability company. (2) Each of Messrs. Harkey and Mack is a citizen of the United States of America.
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 805111101
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: As of December 31, 2025, Nantahala may be deemed to be the beneficial owner of 7,344,783 Shares held by funds and separately managed accounts under its control, and as the managing members of Nantahala, each of Messrs. Harkey and Mack may be deemed to be a beneficial owner of those Shares.
(b)	Percent of class: As of December 31, 2025, each of the Reporting Persons may be deemed to be the beneficial owner of the following percentage of the total number of Shares outstanding: (1) Nantahala Capital Management, LLC ("Nantahala") : 3.61% (2) Wilmot B. Harkey: 3.61% (3) Daniel Mack: 3.61%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(ii) Shared power to vote or to direct the vote: (1) Nantahala Capital Management, LLC ("Nantahala") : 7,344,783 Shares. (2) Wilmot B. Harkey: 7,344,783 Shares. (3) Daniel Mack: 7,344,783 Shares.
	(iii) Sole power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 0 Shares. (2) Wilmot B. Harkey: 0 Shares. (3) Daniel Mack: 0 Shares.
	(iv) Shared power to dispose or to direct the disposition of: (1) Nantahala Capital Management, LLC ("Nantahala") : 7,344,783 Shares. (2) Wilmot B. Harkey: 7,344,783 Shares. (3) Daniel Mack: 7,344,783 Shares.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Each of Messrs. Harkey and Mack is filing this Schedule 13G as a control person in respect of shares beneficially owned by Nantahala, an investment adviser as described in ss. 240.13d-1(b)(1)(ii)(E). See Item 4(a).
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Nantahala Capital Management, LLC

Signature:	/s/ Taki Vasilakis
Name/Title:	Taki Vasilakis / Chief Compliance Officer
Date:	02/13/2026

Wilmot B. Harkey

Signature:	/s/ Wilmot B. Harkey
Name/Title:	Wilmot B. Harkey
Date:	02/13/2026

Daniel Mack

Signature:	/s/ Daniel Mack
Name/Title:	Daniel Mack
Date:	02/13/2026

FAQ

What ownership stake in Savara Inc. (SVRA) is reported in this Schedule 13G/A?

The filing reports that Nantahala Capital Management and its principals may beneficially own 7,344,783 shares of Savara Inc. common stock, representing 3.61% of the outstanding shares as of December 31, 2025. This reflects a sub-5% institutional ownership position.

Who are the reporting persons in the Savara Inc. (SVRA) Schedule 13G/A?

The reporting persons are Nantahala Capital Management, LLC, and its managing members Wilmot B. Harkey and Daniel Mack. They report shared voting and dispositive power over the Savara shares held by funds and separately managed accounts under Nantahala’s control.

Does Nantahala seek to influence control of Savara Inc. (SVRA) with this stake?

The filing states the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing control of Savara. It also notes the holdings are not in connection with any control-related transaction, other than limited nomination activities referenced in the certification.

What voting and dispositive powers are reported over Savara Inc. (SVRA) shares?

The Schedule 13G/A reports 0 shares with sole voting or dispositive power for each reporting person. They disclose 7,344,783 shares with shared voting and shared dispositive power, reflecting control through funds and accounts managed by Nantahala Capital Management.

Why is this Savara Inc. (SVRA) filing labeled as an amended Schedule 13G/A?

It is marked as Amendment No. 1 to a Schedule 13G, indicating a revision to previously reported beneficial ownership information. As of December 31, 2025, the reporting group’s stake is disclosed at 3.61%, which is described under Item 5 as ownership of 5 percent or less of the class.

What type of securities in Savara Inc. (SVRA) are covered by this Schedule 13G/A?

The filing covers Savara Inc.’s common stock, with a par value of $0.001 per share, identified by CUSIP 805111101. All reported ownership percentages and share amounts relate specifically to this class of Savara’s equity securities.